Q3 Net Income up 139% Year-Over-Year to $5.5 Million
Q3 Gross Profit up 40% Year-Over-Year to $28.2 Million
Q3 Adjusted EBITDA up 75% Year-Over-Year to $16.1 Million
ATLANTA, Nov. 13, 2025 (GLOBE NEWSWIRE) -- Bitcoin Depot (NASDAQ:BTM) ("Bitcoin Depot" or the "Company"), a U.S.-based Bitcoin ATM ("BTM") operator and leading fintech company, today reported financial results for the third quarter ended September 30, 2025. Bitcoin Depot will host a conference call and webcast at 10:00 a.m. ET today. An earnings presentation and link to the webcast will be made available at ir.bitcoindepot.com.
"Bitcoin Depot delivered another strong quarter, exceeding the preliminary results we announced in October," said Brandon Mintz, Founder and CEO of Bitcoin Depot. "Our third-quarter performance once again demonstrates the operating leverage in our business model, supported by continued kiosk expansion, higher transaction volumes, and disciplined cost management. As a result, we achieved meaningful revenue growth, a substantial increase in Adjusted EBITDA, and further improvement in profitability and cash generation. With over $70 million in cash and digital assets, we remain well-positioned to pursue growth opportunities and strengthen our leadership in the crypto ATM market."
Third Quarter 2025 Financial Results
Revenue in the third quarter of 2025 increased 20% to $162.5 million compared to $135.3 million in the third quarter of 2024. This increase was driven by increased kiosk deployment and higher median transaction size.
Gross profit in the third quarter of 2025 increased 40% to $28.2 million from $20.2 million for the third quarter of 2024. Gross profit margin in the third quarter of 2025 increased approximately 250 basis points to 17.4% compared to 14.9% in the third quarter of 2024.
Total operating expenses were $18.3 million for the third quarter of 2025 compared to $16.9 million for the third quarter of 2024 due to higher non-cash stock compensation expense.
Net income for the third quarter of 2025 increased 139% to $5.5 million compared to $2.3 million for the third quarter of 2024. Net income attributable to common shareholders increased to $5.5 million, or $0.08 per share, from a net loss of $0.9 million, or ($0.05) per share, in last year's third quarter. The increase was due to higher revenue and income from operations in 2025.
Adjusted EBITDA, a non-GAAP measure, in the third quarter of 2025 increased 75% to $16.1 million compared to $9.2 million for the third quarter of 2024. The increase was primarily due to the higher revenue and income from operations. Please see "Explanation and Reconciliation of Non-GAAP Financial Measures" below.
Cash, cash equivalents, and cryptocurrencies as of September 30, 2025, totaled $72.9 million, up from $31.0 million at the end of 2024.
Net cash flows provided by operations in the first nine months of 2025 were $33.0 million compared to $17.3 million in the first nine months of 2024.
Outlook
The Company expects revenue in the fourth quarter of 2025 to be approximately $112 to $115 million, and Adjusted EBITDA to be in the low single digit millions. This estimate reflects the impact of typical seasonality, recently enacted state regulations and, to a lesser extent, our enhanced compliance standards. While these factors are expected to weigh modestly on near-term results, we believe they reinforce the integrity and sustainability of our business over the long term.
Conference Call
Bitcoin Depot will hold a conference call at 10:00 a.m. Eastern time (7:00 a.m. Pacific time) today to discuss its financial results for the third quarter ended September 30, 2025.
Call Date: Thursday, November 13, 2025 Time: 10:00 a.m. Eastern time (7:00 a.m. Pacific time)
Phone InstructionsU.S. and Canada (toll-free): 888-596-4144U.S. (toll): 646-968-2525Conference ID: 4229885
Webcast InstructionsWebcast link: https://edge.media-server.com/mmc/p/hcj2hpav
A replay of the call will be available beginning after 2:00 p.m. Eastern time through November 20, 2025.
U.S. & Canada (toll-free) replay number: 800-770-2030U.S. toll number: 609-800-9909Conference ID: 4229885
If you have any difficulty connecting with the conference call, please contact Bitcoin Depot's investor relations team at 949-574-3860.
About Bitcoin Depot
Bitcoin Depot Inc. (NASDAQ:BTM) was founded in 2016 with the mission to connect those who prefer to use cash to the broader, digital financial system. Bitcoin Depot provides its users with simple, efficient and intuitive means of converting cash into Bitcoin, which users can deploy in the payments, spending and investing space. Users can convert cash to bitcoin at Bitcoin Depot kiosks in 47 states and at thousands of name-brand retail locations in 31 states through its BDCheckout product. The Company has the largest market share in North America with over 9,000 kiosk locations as of August 2025. Learn more at www.bitcoindepot.com. Cautionary Statement Regarding Forward-Looking Statements
This press release and any oral statements made in connection herewith include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended. Forward-looking statements are any statements other than statements of historical fact, and include, but are not limited to, statements regarding the expectations of plans, business strategies, objectives and growth and anticipated financial and operational performance, including our growth strategy and ability to increase deployment of our products and services, our ability to strengthen our financial profile, and worldwide growth in the adoption and use of cryptocurrencies. These forward-looking statements are based on management's current beliefs, based on currently available information, as to the outcome and timing of future events. Forward-looking statements are often identified by words such as "anticipate," "appears," "approximately," "believe," "continue," "could," "designed," "effect," "estimate," "evaluate," "expect," "forecast," "goal," "initiative," "intend," "may," "objective," "outlook," "plan," "potential," "priorities," "project," "pursue," "seek," "should," "target," "when," "will," "would," or the negative of any of those words or similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond our control.
These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions; failure to realize the anticipated benefits of the business combination; risks relating to the uncertainty of our projected financial information; future global, regional or local economic and market conditions; the development, effects and enforcement of laws and regulations; our ability to manage future growth; our ability to develop new products and services, bring them to market in a timely manner and make enhancements to our platform; the effects of competition on our future business; our ability to issue equity or equity-linked securities; the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries; and those factors described or referenced in filings with the Securities and Exchange Commission. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that we do not presently know or that we currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect our expectations, plans or forecasts of future events and views as of the date of this press release. We anticipate that subsequent events and developments will cause our assessments to change.
We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where we are expressly required to do so by law. All written and oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement.
BITCOIN DEPOT INC.CONSOLIDATED STATEMENTS OF (LOSS) INCOME(in thousands, except share and per share amounts)(UNAUDITED)
Three Months EndedSeptember 30,
Nine Months Ended September 30,
2025
2024
2025
2024
Revenue
$
162,482
$
135,271
$
498,816
$
436,876
Cost of revenue (excluding depreciation and amortization)
132,357
112,853
402,830
370,848
Operating expenses:
Selling, general, and administrative
16,443
14,694
44,992
44,062
Depreciation and amortization
1,900
2,245
5,666
8,184
Total operating expenses
18,343
16,939
50,658
52,246
Income from operations
11,782
5,479
45,328
13,782
Other (expense) income:
Interest (expense), net
(4,133
)
(2,907
)
(11,927
)
(10,731
)
Other income
905
103
2,145
143
Gain (loss) on foreign currency transactions
(25
)
(29
)
95
(294
)
Income before provision for income taxes and non-controlling interest
8,529
2,646
35,641
2,900
Income tax expense
(3,042
)
(347
)
(5,656
)
(479
)
Net income
$
5,487
$
2,299
$
29,985
$
2,421
Net (loss) income attributable to non-controlling interest
(57
)
3,238
14,178
7,459
Net income (loss) attributable to common stockholders
$
5,544
$
(939
)
$
15,807
$
(5,038
)
Net income (loss) per share of common stock - basic and diluted
$
0.08
$
(0.05
)
$
0.37
$
(0.39
)
Weighted average number of common shares outstanding - basic and diluted
67,822,957
20,701,447
42,165,276
18,908,391
BITCOIN DEPOT INC.CONSOLIDATED BALANCE SHEETS(in thousands, except share and per share amounts)
September 30, 2025(unaudited)
December 31, 2024
Assets
Current:
